Hi, it’s Lou Brown. I’m back with another detail ready for our Massive Passive Income, the event that comes up at the end of April 30th, May 1, 2 and 3 and I’m really looking forward to seeing you there.
And one of the things that I covered during that event is Proper Property Management or Informed Property Management as well. And one of the important things is when you are hiring a property manager, what should you do? Well, the first thing you should do is evaluate whether you actually need a third party property manager. Because when you offer a certain program in the marketplace, property management can actually be a very small part of your week or even your month with a particular client. What we find is that only about 10% of the residents need any attention during a month’s period of time. So imagine that you have 10 20 a hundred rentals.
Well that means that you have to have enough time for those particular folks. But the rest of them, they pay as agreed. You have no problems, you’d have no issues, you have no maintenance, you have no management, you have nothing other than to count the money. So I do encourage you to evaluate whether you actually need a property manager or not. Reminds me of the story. Had a guy join me. He had started with me with 386 units and he saw what we were doing and he was so turned down on and he said, this is something I can absolutely do in my business. And he said, but I have a property manager. How am I going to get my property manager on board with this? I said, well, bring your property manager to the event. Let your property manager learn all of the same things that you’re learning and that you’ve seen and then the property manager can implement them for you.
And we’ve got a number of things built into our system that are incentives for people to pay on time. Incentives for them to do things the way they have agreed to do. Well, sure enough, she came, she saw at the end of it he said, what did you think? And she said, well, there’s a couple of things we could do. Well, he told me later, he said, yeah, she only said, she saw a couple of things that we could do. I said, are you kidding? She sat there for four days. She in took all of that information. She took all of those notes and she only saw two things that she could do. I said, have you done the math on what she’s costing you? And I said, let’s break it down looking at your portfolio, how much money you’re actually paying out to the manager.
What we did that math and suddenly realized that it made a whole lot of sense for him to bring all of that in house and do it himself and increase his cash flow dramatically. And the guy loves me, his name is Ken Barry absolutely loves what we’ve taught him to do and he did that very thing. He’s in Maryland, done a great, great, great job and brought a lot of happiness to his residents because of giving them some opportunities. So I want you to have some opportunities to look at things from a different point of view. Do you need a property manager? And if you do, we can certainly teach you the way to do that. Now I’ve got an event coming up. It’s called massive passive income. It’s going to be April 30th, May 1, 2 and 3. Call a 1-800-578-8580 that’s 1-800-578-8580. Speak to Dennis. Find out our special coronavirus shut in special because we’re going to be doing the whole four days.
You don’t have to get on a plane. You don’t have to travel a day of travel on each end. You don’t have that. We’re going to be delivering it to you live stream right in the comfort of your own home. We’re going to have breakout sessions. There’s going to be some great networking events. There’s a lot of things that we’ve got planned to keep you engaged and interested in what’s doing. By the way, we’re going to be recording all of it. We’re going to make those recordings available for up to two months after the event. So if you have to miss any part of any session, you’ll be able to go back and retrieve those recordings and watch anything that you want or want something that you wanted to see again. So we certainly want to make that available to you. 1-800-578-8580 and I’m looking forward to seeing you at the event. Yeah, baby!